INTRODUCTION CBILS is a new scheme, announced by The Chancellor at Budget 2020, that can provide facilities of up to £5m for smaller businesses across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cashflow. CBILS supports a wide range of business finance products, including term loans, overdrafts, invoice finance […]
A new temporary Coronavirus Business Interruption Loan Scheme, delivered by the British Business Bank, will launch this week to support primarily small and medium-sized businesses to access bank lending and overdrafts. The government will provide lenders with a guarantee of 80% on each loan (subject to a per-lender cap on claims) to give lenders further […]
The Retail and Hospitality Grant Scheme provides businesses in the retail, hospitality and leisure sectors with a cash grant of up to £25,000 per property. For businesses in these sectors with a rateable value of under £15,000, they will receive a grant of £10,000. For businesses in these sectors with a rateable value of between […]
Business rates holiday for retail, hospitality and leisure businesses The Government is introducing a business rates holiday for retail, hospitality and leisure businesses in England for the 2020 to 2021 tax year. Businesses that received the retail discount in the 2019 to 2020 tax year will be rebilled by their local authority as soon as […]
The Government will make legislation to allow small-and medium-sized businesses and employers to reclaim Statutory Sick Pay (SSP) paid for sickness absence due to COVID-19. The eligibility criteria for the scheme will be as follows: this refund will cover up to 2 weeks’ SSP per eligible employee who has been off work because of COVID-19 […]
The Government will support businesses by deferring Valued Added Tax (VAT) payments for 3 months. If you’re self-employed, Income Tax payments due in July 2020 under the Self-Assessment system will be deferred to January 2021. VAT For VAT, the deferral will apply from 20 March 2020 until 30 June 2020. All UK businesses are eligible. […]
Under the Coronavirus Job Retention Scheme, all UK employers will be able to access support to continue paying part of their employees’ salary for those employees that would otherwise have been laid off during this crisis. All UK businesses are eligible. Eligibility: You will need to: designate affected employees as ‘furloughed workers,’ and notify your […]
The National Fraud Intelligence Bureau (NFIB) issued an urgent warning at the beginning of the month after identifying a growing amount of frauds involving coronavirus. There have continued to be an increasing amount of both email and telephone scams during the current crisis exploiting feelings of uncertainty. Please be extra vigilant when receiving incoming emails […]
In addition to the National Coronavirus Job Retention scheme announced yesterday, Rishi Sunak said he would “strengthen the safety net for those who work for themselves” with – Sick Pay The Chancellor announced that “self-employed can now access in full universal credit at a rate equivalent to statutory sick pay for employees”. The current SSP […]
Coronavirus Job Retention Scheme Further to a package of schemes to support business during the coronavirus crisis announced earlier this week, Chancellor Rishi Sunak announced a new job retention scheme yesterday. This will mean that UK workers of any employer who is placed on the Coronavirus Job Retention Scheme can keep their job, with the […]
